New Delhi: Online logistics services platform Delhivery on Tuesday made a listless debut on the bourses, according to data from stock exchanges.
On the BSE, the company’s shares got listed at Rs 493, which was 1.2 per cent higher against its issue price of Rs 487 per share. On the National Stock Exchange (NSE), the stock opened at Rs 495.20 apiece.
Delhivery’s stock hit a high of Rs 497.95 and a low of Rs 487 in the intra-day trade on the BSE and NSE on Tuesday. The stocks were trading at Rs 487.45, almost at par against its issue price at 10 am. A combined 10.1 lakh equity shares had transferred hands on the counter on the BSE and NSE.
According to news reports, the logistics platform had managed to garner full subscription despite challenging market conditions, with the issue getting subscribed 1.63 times. Qualified institutional buyers portion attracted 2.66 times subscription, while the category for retail individual investors was subscribed 57 per cent and that for non-institutional investors 30 per cent.
It had raised Rs 5,235 crore through initial public offer (IPO) aims to utilise the Rs 2,000 crore in funding growth initiatives, Rs 1,000 crore towards inorganic growth through acquisitions or strategic alliances and the remaining Rs 1,000 crore in general corporate purposes.
The company, which is the largest integrated logistics player by revenue, is eyeing steady growth in the Indian logistics sector, as well as market-share gains in the organised space.
Delhivery provides supply chain solutions to a diverse base of 23,113 active customers such as e-commerce marketplace, direct-to-consumers e-tailers, and enterprises across several verticals. As of December 31, 2021, Delhivery had over 5,000 active customers and PIN code accessibility to over 13,000 regions.